Alternative measures for the financial condition of the multifamily housing stock

Abstract

Indicators of the financial condition of the multifamily housing stock can potentially inform several policy issues, such as the loss of affordable rental units, multifamily developers’ access to capital, and the emerging secondary mortgage market for multifamily properties. Several rules of thumb exist for assessing financial condition. This article uses the Residential Finance Survey to investigate whether it matters, from a practical standpoint, which one is employed. Specifically, we ascertain how five measures—loan‐to‐value, debt coverage, rent‐to‐value, net operating income—to‐value, and vacancy loss ratios—relate to each other and rank properties.

We found that Pearsonian correlations among the measures varied dramatically. Factor analysis produced two factors, one corresponding to a rent‐flow measure and the other to a debt‐burden measure. Spearman rank‐order correlations revealed that with one exception, measures yielded noticeably dissimilar financial condition rankings. We conclude that single‐dimensional measures of financial condition should not be used in isolation.     

Overspending in Public Organizations: Does Strategic Management Matter?

ABSTRACT

In the wake of the financial crash, many governments across the globe are seeking to curb expenditure in public sector organizations. To assess the extent to which public organizations can make strategic choices that might result in lower expenditure, we explore the relationship between strategic management and overspending in English local governments. The effects of strategic stances and actions on overspending are tested using multivariate statistical techniques. The empirical results show that an innovative strategic stance results in overspending as does a commitment to the development of new services, while a reactive strategic stance and decentralized decision making are associated with lower levels of overspending. Our analysis provides support for arguments that public organizations can make strategic choices that result in tighter control of their budgets.     

A New Twist on an Old Approach: A Random-Interaction Approach for Estimating Rates of Inter-Group Interaction

There are numerous instances in which researchers wish to measure the rate of intra- or inter-group interactions (whether positive or negative). When computing such measures as rates there is great uncertainty regarding the appropriate denominator: we analytically illustrate how the choice of the denominator when calculating such rates is not trivial and that some existing strategies create a built-in relationship between the computed rate and the group composition within the entity. Another strand of prior work only focused on the relative occurrence of intra- versus inter-group events, which does not account for the important theoretical possibility that both types of events might increase in certain social contexts. Our approach provides an advance over these earlier strategies as it allows one to take into account the relative frequency of interaction between members of different groups, but then translates this into per capita rates. We also provide an empirical example using data on inter- and intra-group robbery and aggravated assault events for block groups in a section of the city of Los Angeles to illustrate how our procedure works and to illustrate how other approaches can lead to dramatically different conclusions.     

Spatializing the Social Networks of Gangs to Explore Patterns of Violence

The majority of spatial studies of crime employ an inductive approach in both the modeling and interpretation of the mechanisms of influence thought to be responsible for the patterning of crime in space and time. In such studies, the spatial weights matrix is specified without regard to the theorized mechanisms of influence between the units of analysis. Recently, a more deductive approach has begun to gain traction in which the theory of influence is used to model influence in geographic space. Using data from Los Angeles, we model the spatial distribution of gang violence by considering both the relative location of the gangs in space while simultaneously capturing their position within an enmity network of gang rivalries. We find that the spatial distribution of gang violence is more strongly associated with the socio-spatial dimensions of gang rivalries than it is with adjacency-based measures of spatial autocorrelation.     

Cross-sectional anthropometric study of the external ear

This cross-sectional anthropometric study was aimed at estimating expansion of the external ear during adult life, in order to evaluate the extent to which anatomical features appearing in earprints may vary with time. A review of the literature was provided. Data extracted from photographed ears of 1353 subjects were analyzed. The effect of age on auricle length, earlobe length, and auricle width was explored using univariate analyses of variance. The regression coefficients of age on these dimensions were, respectively, 0.178, 0.115, and 0.073 mm/yr for males, and 0.162, 0.100, and 0.073 mm/year for females (p=0.000). Regression coefficients of age corrected for stature were assumed to be less accurate. Anthelix prominence and helix width were analyzed using data of 175 subjects, and appeared unaffected by age. As lobe expansion appeared to exceed the estimated cartilage expansion, it was assumed that particularly the imprint of the lobe would be less stable with time.     

Fatalities associated with fentanyl and co-administered cocaine or opiates

Fatalities associated with fentanyl hydrochloride are increasingly seen in Massachusetts. Between September 2005 and November 2006, 5009 medicolegal investigations associated 107 deaths with licit or illicit fentanyl use, along with a co-detection of an opiate/opioid or cocaine/benzoylecognine, or both. Deaths associated with illicit fentanyl use occur in younger people (39.4 vs. 61.5 years) with higher fentanyl (17.1 ng/mL vs. 4.4 ng/mL) and lower morphine (76.9 ng/mL vs. 284.2 ng/mL) postmortem blood concentrations, and more frequent cocaine co-intoxication (65% vs. 3%), than deaths associated with illicit fentanyl use. A wide range of postmortem blood concentrations of fentanyl was detected (trace-280 ng/mL), with a minimum concentration of 7 ng/mL of fentanyl strongly associated with illicit use of fentanyl in poly-drug cases. The most commonly detected opiates/opioids in illicit fentanyl users were: morphine (29%), oxycodone (14.5%), and methadone (14.5%). Ethanol, cannabinoids, diazepam, citalopram, and diphenhydramine were each detected in greater than 10% of the licit fentanyl cases. Most fentanyl abusers died at their own home and their deaths were most often classified as accidental. Mapping of primary residences of decedents revealed conspicuous clustering of the illicit fentanyl use cases, as opposed to the random pattern in licit use cases. Fentanyl misuse is a public health problem in Massachusetts.     

Space–Time Patterns of Risk: A Cross National Assessment of Residential Burglary Victimization

Using epidemiological techniques for testing disease contagion, it has recently been found that in the wake of a residential burglary, the risk to nearby homes is temporarily elevated. This paper demonstrates the ubiquity of this phenomenon by analyzing space–time patterns of burglary in 10 areas, located in five different countries. While the precise patterns vary, for all areas, houses within 200 m of a burgled home were at an elevated risk of burglary for a period of at least two weeks. For three of the five countries, differences in these patterns may partly be explained by simple differences in target density. The findings inform theories of crime concentration and offender targeting strategies, and have implications for crime forecasting and crime reduction more generally.

The lore of criminal accusation

In crime-obsessed cultures, the rudimentary trajectories of criminalizing processes are often overlooked. Specifically, processes of accusation that arrest everyday life, and enable possible enunciations of a criminal identity, seldom attract sustained attention. In efforts at redress, this paper considers discursive reference points through which contextually credible accusations of ‘crime’ are mounted. Focusing particularly on the ethical dimensions of what might be considered a ‘lore’ (rather than law) of criminal accusation, it examines several ways that exemplary cases reflect paradigms of accusatorial practice, accuser identity formation and accused response. With such assumptive grids in mind, the paper signals the potential value of rescuing accusation from fundamental attachments to (a criminally defined) order and disorder, as well as images of a distinct accuser and accused offender. It then alludes to the prospect of pursuing justice through less exclusive forms of accusation